now!

INSIGHTS AHEAD
ECONOMICS AND BUSINESS ADMINISTRATION
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2
a b o u t u s
4
R esear c h
6
H OU S E O F F I N A N C E · S A F E 8
D E G R E E P R O G R A M S 10
L I N K W I T H E CO N O M I C S A N D P O L I T I C S 12
CO M M U N I C A T I O N W I T H T H E W O R L D 14
L OC A T I O N A L A D VA N T A G E 16
Organi z ati o n
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F R I E N D S A N D S P O N S O R S 20
OUR FACULTY AND INDEED THE ENTIRE UNIVERSITY OWES ITS EXISTENCE TO THE FOUNDING OF THE ACADEMY FOR SOCIAL SCIENCES
AND COMMERCE IN 1901. AFTER ALL, WHEN THE
CITIZENS AND BUSINESSPEOPLE OF FRANKFURT
BESTOWED THE GIFT OF A UNIVERSITY ON THE
CITY IN 1914, ACADEMIC PROGRAMS FOR BUSINESSPEOPLE
WERE
NATURALLY
INTEGRATED:
THE FORMER UNIVERSITY OF FRANKFURT IS THE
FIRST IN GERMANY TO INCLUDE A FACULTY OF
ECONOMICS, BUSINESS ADMINISTRATION AND
SOCIAL SCIENCES.
3
*1901
Academy for Social Sciences and
Commerce founded
1914
Establishment of the university, founded by the citizens of Frankfurt
with a 5th Faculty of Economics, Business Administration and Social
Sciences, which emerged from the Academy for Social Sciences and
Commerce that was established in 1901
ABOUT US
A FACULTY WITH
STRONG SUPPORTERS
“Here, for the very first time, Trade has become
a supplementary component of Social Science,
Political Economics and Economics at a university,” Wilhelm Merton the initiator was pleased
to state. As co-founder of Metallgesellschaft, one
of Germany‘s largest industrial conglomerates,
the entrepreneur actively campaigned for the
reinforcement of the modern economic society
in terms of education and teaching.
Goethe University still benefits from civic
involvement and foundation sponsorship today:
100 years after it was founded by the citizens of
Frankfurt, it is one of Germany‘s largest universities and, after regaining its status as a foundation
university in 2008, it has become one of the universities with the highest level of private funding
in Germany, affording it a certain autonomy.
One tenth of the around 45,000 students is
matriculated at the Faculty of Economics and
Business Administration, whose reputation
is steadily growing in terms of research and
teaching. Goethe University “comes in first
in Economics while still placing fifth in Business Administration”, reported the magazine
Wirtschaftswoche in its 2014 university ranking
list. The basis for this statement is a survey of
human resource managers about the institutions
where students receive the best training for their
subsequent professions.
The faculty with around 70 professors delivers a
wide range of specialist disciplines and, located
in Frankfurt, Germany‘s finance and business
center, it offers a wealth of potential contacts,
job and internship opportunities right on its
doorstep. The move to “Germany‘s most beautiful campus” makes studying and research even
more attractive.
The fact that its researchers perceive a particular
duty to engage in a dialog between theory and
practice and are very open to socio-political issues
is integral to Goethe University‘s good reputation. This is also demonstrated by some of the big
names in Economics and Business Administration: Franz Oppenheimer is considered to be a
pioneer of the social market economy. As a thesis
adviser, he supervised the subsequent Federal
Minister for Economics and second Chancellor of
the Federal Republic of Germany, Ludwig Erhard.
The Financial Economist Fritz Neumark is one of
the fathers of the Stability Act of 1967. Reinhard
Selten, the first Nobel Laureate in Economics,
began his experimental research in Economics
in Frankfurt and thus laid the foundation for his
achievements in the field of game theory.
Many of our top researchers today are also
involved in politics and society: Volker Wieland
acts as an economic advisor on the German
Council of Economic Experts, while many others
sit on advisory committees in federal ministries,
or on the steering committees of major companies, organizations and eminent EU institutions.
Key minds from the world of international business and politics visit the campus as guest lecturers, speakers and discussion partners. Academics
thus benefit from excellent conditions for joint
research projects, events and lectures. Goethe
University is also pleased to welcome its newly
elected president, Birgitta Wolff, a professor of
Business Administration.
4
1918
Establishment of the Institute for
Economics and Business Administration
1932
Frankfurt University is renamed in
commemoration of the 100th anniversary of the
death of Johann Wolfgang von Goethe
5
1933
After the rise to power of the National Socialists,
many members of the university are forced to
emigrate
RESEARCH
EXCELLENCE
strategic corporate decisions. This is further
enhanced by data they have collected themselves
through behavioral experiments, which often
provide a deeper insight into the fundamentals
of economic decisions and relationships.
THROUGH EXCHANGE
It is not easy finding a category for all the subjects
dealt with by the 250 or so academics within
the faculty. However, a key feature of Goethe
University‘s Faculty of Economics and Business
Administration is the close interconnection
between Business Administration and Economics and the faculty‘s outstanding expertise in
theoretical analysis with quantitative methods,
as well as statistics and econometrics.
One particular area of expertise lies in empirical
work: in this field, researchers analyze data sets
from companies, organizations and households
to deliver robust statements about investment
and saving behavior, internal organization or
The faculty‘s interdisciplinary approach facilitates excellent synergies: in 2000, the existing
organization based around chairs sub-divided
into Business Administration and Economics
was changed in favor of a departmental structure
with seven divisions. They pave the way to
examine individual issues, such as competition
policy and regulation overall, as well as entrepreneurial innovation, organizational design,
human resources and research on motivation
and leadership. Joint work on core issues has
also become easier. The best example of this is
the concentration of all financial subjects in the
House of Finance. Two of the seven departments,
“Finance” and “Money and Macroeconomics”
are housed here.
6
1945–46
Suspension of
lectures
There has traditionally always been a high level
of demand for consultation and cooperation
with the university by political institutions,
associations and companies in Frankfurt. For
this reason, many academics work on practical
issues, like the financial crisis or monetary policy,
shipping cost optimization in E-commerce or
the relationship between product design and
consumer preferences. This mutual transfer of
knowledge motivates and inspires both parties.
The appointment of new professors in the Faculty of Economics and Business Administration
is strictly based on research quality, without
neglecting teaching performance. A wide variety
of seminars facilitates the academic dialog with
renowned guest researchers. The ambitious
aim of all disciplines is to be active in the global
academic community with publications in all the
major scientific journals. The explicit goal for the
faculty‘s teaching is to incorporate research findings directly into Bachelor’s, Master‘s and Ph.D.
programs.
Ranking lists and awards are testaments to the
fact that the international perception of the
Goethe University‘s academic performance in
economics and business is continually improving.
One of our top researchers, Roman Inderst was
awarded the Leibniz Prize, the most important
German research funding prize, and in addition
an ERC grant, a prestigious and well-endowed
grant at the EU level. Nicola Fuchs-Schündeln,
who came to Frankfurt from Harvard as a Professor of Macroeconomics and Development, is also
funded by an ERC grant.
This development is helping to generate the
interest of graduates from top universities in
the United States, Asia and Europe in coming to
Frankfurt. At the same time, young researchers
at Goethe University are taking up key posts at
very prestigious universities, such as Oxford,
Cambridge and INSEAD, in the Deutsche
Bundesbank, the European Central Bank, the US
Federal Reserve and the International Monetary
Fund.
7
from 1946
Dean Sauermann initiates the rebuilding
of the 5th faculty
8
1964
Awarding of the first faculty medal to
Prof. Dr. Fritz Urbschat
1970
Enactment of the Hesse University Act (HUG)
and the Hesse Higher Education Act (HHG)
House of Finance · SAFE
SUCCESS MODEL FOR
and Economic Excellence (LOEWE) for the
first three years of a projected six year funding
period. The financial crisis increased the urgency
to investigate the requirements for an improved
regulatory framework for transnational financial
markets and their players.
INTERDISCIPLINARY
CUTTING-EDGE
RESEARCH
In Germany there are very few examples of a
subject shaping university research and teaching as well as business practice as much as the
issue of finance does in Frankfurt. Frankfurt is
the only city in the world to house two central
banks, a stock exchange, three important financial supervisory authorities and over 300 banks
and insurance companies.
In their research projects, which range from
the investment decisions of private households,
banking and financial market regulation to
monetary and fiscal policy, SAFE researchers,
who also include sociologists, psychologists,
computer scientists and mathematicians, use
a variety of methodological approaches and
work together in so-called research labs on
crossover topics, like “Systemic Risks”. SAFE has
systematically developed the idea of bundling
expertise and clustering.
Goethe University discovered the field of capital
market research much earlier than other universities: in 1967 it set up the “Institut für Kapitalmarktforschung” (known as the Center for
Financial Studies today). Teaching and research
on fiscal and financial regulatory issues has been
significantly expanded, especially since the turn
of the millennium. This became even more
visible in 2008 with the opening of the House of
Finance: the university used the move to Campus
Westend to accommodate several departments
and institutions conducting research on financial
topics in Frankfurt within a single building,
including the two economics departments
“Finance” and “Money and Macroeconomics”,
“Corporate and Financial Law” (Faculty of Law)
and eight university centers and private research
institutes.
The SAFE Policy Center maintains a continuous dialog with high-ranking politicians
in Wiesbaden, Berlin and Brussels, as well as
representatives from central banks and regulatory authorities. The aim is to translate research
results into the thinking of practitioners, to offer
policy advice and hear at an early stage in what
areas and on what topics scientific expertise and
support is needed.
Since then, the House of Finance has become a
successful model for interdisciplinary collaboration
and clustering, and has also developed a constant dialog with business. The interdisciplinary
approach of the House of Finance received a
major boost in 2013: the Research Center SAFE –
Sustainable Architecture for Finance in Europe –
opened with a 13 million euro grant from the
State Initiative for the Development of Scientific
The departments and institutes in the House of
Finance combine high standards of quality in
teaching and research with interdisciplinary collaboration and a mutually beneficial dialog with
business and industry.
Students, young researchers within the Graduate
School of Economics, Finance, and Management
as well as young professionals can all benefit
from the knowledge and expertise concentrated
in Frankfurt: the Goethe Business School and
the Institute for Law and Finance offer advanced
education in the form of part-time Master’s programs and further training activities.
9
1971
Division of the Faculty of Economics, Business Administration
and Social Sciences to the Faculty of Economics and Business
Administration and the Faculty of Social Sciences
DEGREE PROGRAMS
METHODOLOGICAL
SKILLS FOR CAREER
SUCCESS
Studying in Frankfurt has changed so much in
recent years that encounters between alumni
and students are often eye opening experiences.
The faculty implemented the Bologna Reform
in 2005. With its new Bachelor’s degree in Economics and Business Administration, the faculty
abandoned both the old degree courses and the
separation into Business Administration and
Economics. Today students opt to major in one
of three core areas: Management, Finance and
Accounting or Economics. However, Business
Ethics remains a core element in the curriculum.
Against the background of its broad and deep
methodological knowledge, the faculty offers
further study opportunities beyond the Bachelor’s degree in seven Master’s degree courses.
The programs at the adjoining Goethe Business
School are aimed at those already working. The
focus of all courses of study is the communication
of modern quantitative methods for theoretical
and empirical application. A special feature of
these courses is their high practical value for
careers in the private sector, in public institutions
and in science.
In 2004, the faculty introduced Ph.D. programs,
a concept new to Germany. These structured
doctoral programs were developed for students
whose goal it is to pursue a career in research.
To this end, Goethe University together with
the Johannes Gutenberg University Mainz and
the Technische Universität Darmstadt jointly
founded the Graduate School of Economics,
Finance, and Management (GSEFM) in 2008. The
Ph.D. programs offer a two-year course program
that can be started directly after completion
of a Bachelor’s degree. As a result, Ph.D.
students experience a seamless transition from
understanding and replicating existing research
to conducting independent, new research. The
success of this concept is obvious: following the
successful completion of their Ph.D., graduates
of the GSEFM assume key posts at very prestigious universities, such as Cambridge, Columbia,
INSEAD and Oxford, as well as at relevant
institutions, such as the Deutsche Bundesbank,
the European Central Bank, the International
Monetary Fund and the U.S. Federal Reserve.
Traditional doctoral degrees are of course
also possible outside of these structured Ph.D.
programs.
The team of professors at Goethe University has
become younger and more international following a number of new appointments (twelve in
2014 alone). Numerous collaborative partnerships with business and industry enrich the range
of lectures and seminars on offer. The involvement of lecturers and honorary professors is only
one small part of it.
The faculty today is among the largest in Germany
– with an excellent feel-good factor amongst
students. This is underlined by surveys regularly
conducted on the satisfaction of students with
their Economics and Business Administration
degree. Another indicator of students’ identification with the faculty is their involvement with
the Economics and Business Administration
Student Association and in over 16 different
student initiatives, like the SSIX Buddy Program,
which helps and supports exchange students, or
the Next Generation Forum, a conference organized annually by students on current and future
economic and social problems.
10
1975
First meeting of the Faculty Council and
establishment of the seven operating divisions
1977
Establishment of Faculty 21,
Economics
11
1978
Resumption of the Honorary
Doctorates suspended since 1968
LINK WITH ECONOMICS AND POLITICS
PRACTICAL
RELEVANCE
SCORES HIGH
Ivory towers and modern universities have little
in common today. Research findings need to
help shape important issues in society. Over the
course of the Bologna Reform, the question of
employability of graduates was addressed. They
should learn what will later be relevant in their
careers.
The Faculty of Economics and Business Administration addresses both requirements by fostering
intensive contacts in the world outside the walls
of the university. Policy advice is even one of the
dedicated aims of the SAFE Research Center.
Companies and organizations willingly employ
the analytical expertise of professors and young
academics for their studies – from the impact of
the design of a car on the buying decision to the
reorganization of the financial markets. Cooperation in field experiments helps the university test
theories from micro-, behavioral, organizational
and developmental economics and offers business and industrial partners unique input for key
decisions. One example is a field experiment for
the introduction of new remuneration systems in
retailing. Analyzing field data helps companies to
understand to what extent multi-tasking in call
centers is productive, or what determines the
efficiency of small farms in developing countries.
The results of these joint studies are then published in international journals, thereby ensuring
scientific progress.
12
1979–1990
Collaborative Research Center 3
Mikroanalytische Grundlagen der Gesellschaftspolitik
(Micro-analytical Foundations of Social Policy)
Endowed professorships are the best indication
of appreciation by the business community: there
are twelve of them in the Faculty of Economics
and Business Administration alone. Companies
simply cannot demonstrate any better the trust
and confidence they place in the work of the
university.
The Goethe Unibator facilitates the transfer of
university startup ideas into business and industry: it successfully supports students, academic
staff and alumni who wish to set up their own
business venture. Thus, for example, a Unibator
student consulting client won the 2014 Frankfurt
Startup Award with his business idea.
Managers and young professionals also benefit
from the knowledge and expertise at the university: the Goethe Business School has been offering Master’s programs and university-level training since 2004. In addition, it educates executives
from German companies as well as Chinese
financial institutions by means of tailored corporate programs and training solutions. Exclusive
continuous training formats offer a platform for
decision makers from the worlds of business and
politics to discuss selected research and management issues within a group of experts.
Students in our faculty have very good opportunities for establishing contact with attractive
employers at an early stage: representatives from
different companies regularly attend various job
fairs on the campus and get involved as guest
speakers, guest lecturers and sponsors.
13
1982
Merger of the Faculties of Economics
and Business Administration
1990s
From the late 1990s onwards: division of the
faculty into three economics and four business
administration areas of expertise
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COMMUNICATION WITH THE WORLD
SHARING KNOWLEDGE
THROUGH ENCOUNTERS
Walking through the building, it is hard to avoid
seeing and hearing that people from many different nations are researching, learning and teaching here. More and more professors from abroad
are enriching the faculty with valuable research
and teaching experience from international universities, including Yale and Stanford.
In the last ten years, the Faculty of Economics
and Business Administration has intensified
exchanges with reputable partner universities
from all over the world and has also created the
position of Deputy Dean for International Relations to support these efforts. The number of
international cooperation partnerships has since
quadrupled. Today the faculty has a network of
over 90 partner universities. Cooperation has
been expanded above all in Asia and Europe.
The successful accreditation of the faculty by the
Association to Advance Collegiate Schools of
Business (AACSB) has great significance in terms
of opening doors to international cooperation: it
represents a quality seal for the ongoing evaluation and quality assurance process in compliance
with international standards.
The exchange focuses on the mobility of students
and lecturers, as well as joint research and places
great emphasis on reciprocity: both sides should
benefit from the partnership and get to know
the host country through personal experiences.
Exchange programs also help Frankfurt students
save what in some areas can be very high tuition
fees abroad.
The involvement of the faculty in the Consortium of Quantitative Techniques for Economics
and Management (QTEM) provides a particularly
intensive experience abroad as part of the Master‘s degree: participants can complete two of
their four semesters at selected partner universities in Europe and Asia.
At a professorial level, the university has an
extremely close exchange program with the
Wharton School of the University of Pennsylvania in Philadelphia: this is further aided by a
visiting professorship for American colleagues
in Frankfurt, sponsored by Bankhaus Metzler.
Conversely, Frankfurt lecturers can undertake
research at the Wharton School. A visiting professorship for French Business and Economic
Policy, among other things, in which the pharmaceutical company Sanofi is involved, keeps
the already active and regular exchange with
France invigorated.
The attractiveness of the faculty to foreign
students is strongly boosted by the increasing
number of English-language course offerings –
even within the Bachelor’s programs. Frankfurt
students, in turn, can specifically prepare for their
semesters abroad with courses in the following
Foreign Languages for Economists: English, Japanese, Chinese, French or Spanish.
An important step in the internationalization of
the university was the establishment of a Bachelor’s degree program in Finance and Accounting
at the Vietnamese German University in Ho-ChiMinh City for 60 students in 2012. The university is a joint venture of the State of Hesse, the
German Federation and the Socialist Republic
of Vietnam, by means of which course offerings
based on a German model was set up in Vietnam.
For many years Frankfurt has been working
together with the Université Paris Dauphine. The
existing Franco-German dual-degree program is
now offered as a dual-Bachelor program.
15
from 2003
Introduction of Bachelor‘s programs and plans for
Master‘s programs; gradual phasing out of Diplom
degree programs
LOCATIONAL ADVANTAGE
CAMPUS WESTEND
MAKES FRANKFURT
UNBEATABLE
Frankfurt is a good choice for economists, businesspeople and students: Frankfurt am Main is
the fifth largest German city with over 700,000
inhabitants. Its airport, good rail connections and
location right at the heart of Europe make it both
a cosmopolitan city as well as a globally important trading and financial center – all of this in a
small space. As a result, contrasts seem to meet
in Frankfurt: big city and small town comforts,
skyline and traditional apple wine taverns, global
banking and Goethe‘s birthplace. Life on the
river, in a city where everything is within easy
reach, is attractive to students, professionals and
families alike. The labor market offers excellent
earning and career opportunities – even during
your studies.
The people of Frankfurt are involved with
Goethe University either as friends and supporters, donors, or an interested audience. In recent
years it has moved to new premises in which
the state of Hesse has already invested 1 billion
euros: Natural Sciences have acquired facilities on the newly developed Campus Riedberg,
while many other faculties, like Economics and
Business Administration, have moved to the
Campus Westend close to the city. The heart of
the campus is the building constructed by architect Hans Poelzig for IG Farben in 1929, one of
the most significant administrative buildings of
this era. Various new buildings have been built
to the latest technical standards on the expansive grounds, which – all designed in light-colored natural stone – blend harmoniously into the
architectural ensemble.
16
2004
Start of the structured doctoral programs;
establishment of the Goethe Business School
2005
Accreditation by AACSB
International
The Faculty of Economics and Business Administration is housed in two adjacent buildings: the
House of Finance and the RuW Law and Economics Building. This results in short distances
between lectures and the concentration of key
services.
One highlight of the new campus is the new
library on the ground floor of the RuW Law and
Economics Building. It offers 1,000 workplaces
with electricity and internet access, 56 computer
workstations, 19 group work rooms and, alongside its large collection of textbooks, it also has
a wealth of e-books, e-journals and databases,
which can also be used on weekends between
10:00 a.m. and 10:00 p.m.
The Goethe Welcome Center actively supports
academics from abroad.
Talks, exhibitions, symposia and festivals, which
always attract an interested audience to the
campus, help to maintain a dialog between academia, business and the city itself. The close
proximity of the university to other universities
in the Rhine-Main metropolitan area also facilitates collaboration in research and teaching.
Newcomers will quickly find their way around
at Goethe University: together with the Dean‘s
office, the SSIX Student Services volunteer students look after freshmen during E! Woche
(Freshmen Week) and help them familiarize
themselves with university life.
17
2008
Goethe University becomes an
autonomous foundation university
Organization
MANAGERS IN THE
DEAN‘S OFFICE
How do you keep an organization with around
70 professors, 250 employees and 4,500 students
on track? How do you determine the right path
and provide support at the right place and the
right time? The answer from the Dean‘s team is
by joining forces and excellent commitment from
all sides.
A faculty of this size needs more than just administrators. It needs committed academic managers.
The core tasks in a modern university are constantly growing: motivating students, securing
the best young researchers, building up contacts
abroad, offering language courses, obtaining
sponsorship funding, accreditation ­– all of these
projects have to be jointly organized.
The Dean‘s team for Economics and Business
Administration was reorganized in 2011 and,
at the same time, expanded. The team now
consists of the Dean, the Academic Dean, the
Deputy Dean for International Relations and
the Deputy Deans for Research, Finance and
Study Matters. Key tasks are concentrated into
eleven operational divisions with one managing
director: Appointments and Research, Finance
Management, IT Service Center, Communication & Marketing, Examination Office, Study and
Examination Law, Human Resources and Facilities Management, Quality Management, SSIX
Student Services, SSIX International Exchange
and Foreign Languages for Economists.
Students, lecturers and employees will always
find an open door on the first floor of the RuW
Law and Economics Building. The student-managed SSIX Information Center forms the reception portal, followed by a service hub offering
further services. The professionalism and service
orientation of the Dean‘s Office is well received
and also acts as a role model for other faculties.
The professors of the seven departments therefore
regularly agree on common objectives and priorities in the Strategy Committee. The decisions are
finally made in the Faculty Council together with
staff and students.
18
2008
Establishment of the House of Finance; establishment
of the Graduate School of Economics, Finance, and
Management (GSEFM)
2011
The faculty has 70 partner
universities in 37 countries
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Offices of the Dean of Economics and Business
Administration and Student Services in the
RuW Law and Economics Building, 1st floor.
The IT Service Center, the Foreign Languages for
Economists and meeting and group learning rooms are
located in the “Juraturm” (Law Tower) of the RuW Law
and Economics Building.
19
2013
Establishment of the “Sustainable Architecture for Finance in
Europe” (SAFE) Research Center, dedicated to research and policy
advice in finance
FRIENDS AND SPONSORS
20
2013
An innovation in terms of teaching is the
QTEM Network Program started in winter
semester 2013/14
PARTICIPATING
IN CAMPUS LIFE
Are you a product manager and would like
to undertake a case study with our students?
Would you be interested in funding education and taking on a Germany Scholarship? Did
you study at the faculty yourself and would be
interested in seeing your fellow alumni again? Is
your company looking for partners for a research
project? Could you be inspired to give a speech?
Whatever links you to the Goethe University, to
Economics and Business Administration, to us:
we‘re open to it.
We regard ourselves as part of a civic university,
which has not just spruced itself up structurally, but is also dynamically forging new paths in
research and teaching. External stimulus is more
than welcome. Without it, we simply cannot
fulfill our claim to act in an international, interdisciplinary and career-oriented manner.
Please feel warmly invited to our annual “Dies
academicus” in November: over the course of a
celebratory program of events, you‘ll learn the
latest news about what‘s going on in the faculty.
Awards are presented to professors and young
researchers, student initiatives are presented
and alumni are invited to give talks. Quite a few
visitors stay behind for some time chatting and
enjoying being back at the university.
Even if you haven’t had the opportunity to get in
touch with your old university: give us a chance.
Breathe in a little of the campus air or send your
children here to study. A lot has gone on here!
Our central address for all your questions, requests
or suggestions:

[email protected]
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2014
Goethe University celebrates its centenary: the
high point of the celebrations is the ceremony held
in St. Paul‘s Church on 18th October
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LEGAL NOTICES
PUBLISHER
The Dean of the Faculty of Economics
and Business Administration
Goethe University Frankfurt
Theodor-W.-Adorno-Platz 1
60629 Frankfurt am Main
www.wiwi.uni-frankfurt.de
coordination
Barbara Kleiner
TEXT
Julia Wittenhagen
ENGLISH TRANSLATIONS
Orange Translations Ltd.
PROOFREADING
Emily Nelson de Velasco
P H otos
Uwe Dettmar
DESIGN
Stählingdesign, Darmstadt
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